Sanima Mai
Hydropower became the fifth hydel project to be listed at the Nepal Stock
Exchange as the company listed Rs 1.05 billion worth 10,550,000 units of share
at a face value of Rs 100 per unit.
The listed
shares will be traded in a week – from next Tuesday – according to the
regulation. The share of the fifth hydropower company at the Nepse is expected
to open between Rs 100 to Rs 300 per unit.
Sanima Mai
Hydropower is developing two hydropower projects with an aggregate capacity of
29 MW, including the 22-MW Phase I project that is expected to commission in
July 2014 and 7-MW Phase II project that is expected to commission in July
2015.
On September
20, 2013, Sanima Mai Hydropower had floated 2.11 million units of primary
shares to the public.
The public
issue managed by NIDC Capital that was closed on September 24 had seen some 29 times
oversubscription to Rs 6 billion.
The hydropower's
IPO that was rated ‘[ICRANP] IPO Grade 3’ by Icra Nepal is promoted by NRNs
with 70 per cent, locals of Ilam 10 per cent and general public with 20 per
cent shares.
Earlier in
July 2013, Sanima Mai Hydro had allotted Rs 105 million worth shares to the
locals of the project affected areas in nine VDCs of Ilam districts. The locals
have the lock-in period of three years, unlike the general public meaning they
cannot sell their shares before three years.
Nepal Stock Exchange has already
listed National Hydropower, Butwal Power, Arun Valley Hydropower and Chilime
Hydropower that share around six per cent of the total market capitalisation of
the listed companies.
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